Ohio is a thriving state in the Midwest that boasts of stunning scenery, exciting attractions, and plenty of real estate opportunities. Known for being one of the largest states in terms of population, Ohio is home to 11.6 million residents, with the numbers growing each year.
Ohio’s geographic location is a prime spot for residential living, giving its residents easy access to the neighboring states of Michigan, Indiana, West Virginia, and Pennsylvania. Ohio also has access to Lake Erie, one of the largest lakes in the United States, and the 981-mile Ohio River.
The many features, attractions, and high quality of living in Ohio are what draw residents and visitors to The Buckeye State. Because of this, Ohio’s housing market is moderately strong and continues to grow each day.
Ohio’s top three cities – Cleveland, Columbus, and Cincinnati – thrive on their own unique culture, history, and development.
Real estate properties in Ohio
The real estate properties in Ohio consist mostly of single-family homes and apartment complexes, with single-family homes dominating the real estate market.
Waterfront homes, lakefront homes, and golf front homes within gated communities are also popular in Ohio.
Most of the residential homes in Ohio were built between 1970 to 1999 and 1940 to 1969, giving it a traditional, spacious, and homey feel. The majority of these single-family homes have 3 to 5 bedrooms and 2 to 4 bathrooms. The common amenities in these homes are hardwood flooring, a fireplace, a backyard, and an attached or detached garage.
Real estate property values in Ohio
Most people residing in Ohio prefer to buy rather than rent homes. The value of an average single-family home in Ohio is around $200,000, but spacious homes located within gated communities can carry a price tag of up to $1.5 million.
According to the Ohio Association of Realtors, the value of the homes in Ohio has gone up significantly; increasing to 4.9% over the past year. This could be due to people preferring to live in Ohio because of its lower cost of living compared to other states.
Ohio real estate inventory
Based on data gathered by Columbus REALTORS, the inventory of homes in Ohio, especially in central Ohio, are at a record low. This data gathered from January 2018 shows a 12% decrease in housing inventory compared to December 2017. An average Ohio home now spends around 44 days in the market before being sold, six days longer than an average home in the December 2017 market.
The significant decrease in housing inventory in a matter of months indicates just how briskly homes are selling in Ohio. Home buyers are also seeing that prices for homes in Ohio remain affordable in spite of the demand. The lower cost of living is an added perk.
Looking for the perfect residential home in Greater Cleveland, Ohio? Browse the website. For more information, contact Cici Riley at 216-831-9310 or send an email to CiciRiley(at)HowardHanna(dotted)com.